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Dec 29, 2012
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cliff. but there are some signs of compromise this morning. cbs reporter danielle nottingham on what both sides are now saying about that looming deadline. >>reporter: top congressional leaders met with president obama at the white house, trying to avoid the automatic tax hikes and spending cuts set to kick in january 1st. the president called the meeting constructive, but reminded lawmakers there's not much time left. >> we're now at the point where in just four days every americans' tax rates are scheduled to go up by law. >>reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation. >> we're going to do the best we can for the congresses we have and for the country that's waiting for us to make a decision. >>reporter: democratic and republican leaders have agreed t
cliff. but there are some signs of compromise this morning. cbs reporter danielle nottingham on what both sides are now saying about that looming deadline. >>reporter: top congressional leaders met with president obama at the white house, trying to avoid the automatic tax hikes and spending cuts set to kick in january 1st. the president called the meeting constructive, but reminded lawmakers there's not much time left. >> we're now at the point where in just four days every...
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Dec 30, 2012
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after working behind closed doors to avoid the so- called fiscal cliff. he and majority leader harry reid are working on a scaled- down agreement that focuses on avoiding a middle class tax hike. the plan is to prevent it to the full senate for a vote on sunday, then send it over to the house. house speaker john boehner was also at the capitol but left with no comment. both sides remain at odds over the democrats' insistence that the wealthy pay more in taxes. >> the president's tax hike would only fund the government for eight days. americans deserve to know, what does the president propose we do for the other 357 days of the year? >> reporter: president obama insists his plan on the table is fair. and it includes plenty of cuts to government spending. >> we just can't afford a politically self-inflicted wound to our economy. >> reporter: if sunday's negotiations don't pan out, the president says he's ready to propose his own scaled-back tax bill that would block tax increases for all but the wealthy and preserve expiring unemployment benefits. >> for th
after working behind closed doors to avoid the so- called fiscal cliff. he and majority leader harry reid are working on a scaled- down agreement that focuses on avoiding a middle class tax hike. the plan is to prevent it to the full senate for a vote on sunday, then send it over to the house. house speaker john boehner was also at the capitol but left with no comment. both sides remain at odds over the democrats' insistence that the wealthy pay more in taxes. >> the president's tax hike...
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Dec 30, 2012
12/12
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senate leaders try to craft a compromise to avoid the fiscal cliff. wyatt andrews is on capitol hill. what happens if there's no deal? john bentley has the fallout at the airport. >> they're putting a bunch of huge and ugly potholes on a road that was supposedly going to get us to economic recovery. >> the northeast gets walloped by another winter storm. and in the west, wet weather rewrites the forecast in california. and meet the burrito boys, ben tracey introduces us to 17 -- seven teams who embody the spirit of the zone. >> they have nothing and we ask for so much, and they ask for so little.
senate leaders try to craft a compromise to avoid the fiscal cliff. wyatt andrews is on capitol hill. what happens if there's no deal? john bentley has the fallout at the airport. >> they're putting a bunch of huge and ugly potholes on a road that was supposedly going to get us to economic recovery. >> the northeast gets walloped by another winter storm. and in the west, wet weather rewrites the forecast in california. and meet the burrito boys, ben tracey introduces us to 17 --...
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Jan 1, 2013
01/13
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the so-called "fiscal cliff." >> let's pass the tax relief portion now. let's take what's been agreed to and get moving. >> reporter: the tentative deal would extend bush-era tax cuts for families making $450,000 a year and individuals making $400,000. it would also increase the taxes on estates worth more than $5 million and extend unemployment benefits for one year. president obama said he would have preferred a grand bargain that solved all of washington's revenue and spending problems. >> with this congress, that was obviously a little too much to hope for at this time. [ laughter ] >> it may be we can do it in stages. >> reporter: negotiations have been going on all day. lawmakers and aides moving back and forth between meeting rooms here on capitol hill on what is normally a quiet new year's eve. the major sticking upon the now is spending. the president suggested lawmakers make action on deficit reduction in the next few months and that more tax revenue could be involved in those discussions. but republicans are furious at that possibility. >> i'm
the so-called "fiscal cliff." >> let's pass the tax relief portion now. let's take what's been agreed to and get moving. >> reporter: the tentative deal would extend bush-era tax cuts for families making $450,000 a year and individuals making $400,000. it would also increase the taxes on estates worth more than $5 million and extend unemployment benefits for one year. president obama said he would have preferred a grand bargain that solved all of washington's revenue and...
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Dec 28, 2012
12/12
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to avert the "fiscal cliff." >> republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> reporter: house members will return to capitol hill on sunday and could begin voting that night. they would have about 24 hours to approve a deal. adding to the urgency, treasury secretary timothy geithner warned congress that the nation's debt limit will be reached by december 31st and extraordinary measures would have to be taken to avoid default on the government's loans. danielle nottingham, cbs 5, washington. >> tomorrow's meeting with the president will be the first time president obama sat down with all four leaders since november 16th. and tonight, senator mitch mcconnell said that he was interested in hearing what the president proposes, elizabeth. >> sounds like right now there's a lot of finger- pointing but not a lot of problem-solving. >> reporter: exactly. and both sides again today, house speaker john boehner, he was saying that to his house republicans on the conference call he said, look
to avert the "fiscal cliff." >> republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> reporter: house members will return to capitol hill on sunday and could begin voting that night. they would have about 24 hours to approve a deal. adding to the urgency, treasury secretary timothy geithner warned congress that the nation's debt limit will be reached by december 31st and...
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Jan 1, 2013
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a bill to avoid the so-called "fiscal cliff." >> the bill as amended is passed. >> reporter: the senate voted 89-8 to avoid tax hooks for 99% -- to avoid tax hikes for 99% of all americans. >> this shouldn't be the way we do things but i think we have done some good for the country. >> reporter: if the bill becomes law, the bush-era tax cuts will be permanently extended for everyone making less than $400,000 a year. and families making less than $450,000 a year. it will also keep the alternative minimum tax for the wealthy from hitting millions of middle class families. >> middle class families will wake up today to the assurance that their taxes won't go up $2,200 each. >> reporter: the senate agreement delays a $110 billion in spending cuts that were due to kick in today for another two months. because the bill doesn't address spending, getting it passed in the house could be much tougher. >> the fact that the president won't challenge his party on spending cuts is disgusting. it's just disgusting. >> reporter: president obama wanted to dole with taxes and spending cuts at the same ti
a bill to avoid the so-called "fiscal cliff." >> the bill as amended is passed. >> reporter: the senate voted 89-8 to avoid tax hooks for 99% -- to avoid tax hikes for 99% of all americans. >> this shouldn't be the way we do things but i think we have done some good for the country. >> reporter: if the bill becomes law, the bush-era tax cuts will be permanently extended for everyone making less than $400,000 a year. and families making less than $450,000 a...
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Dec 30, 2012
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. >>> this morning they are still trying to form a last minute compromise to avoid the fiscal cliff. >> the deal they're considering only kicks the cans down the road again. >> senate republican leader mitch mcconnel left the capitol tight lipped by smiling after working behind doors to avoid the so-called fiscal cliff. he and harry reid are working on a scale down agreement that focuses on avoiding a middle class tax hike. the plan is to present it to the senate for a vote on sunday and then send it over to the house. house speaker john boehner was at the capitol but left with no comment. the democrats insist the wealthy pay more in taxes. >> the president's tax hike would only fund the government for l days. americans deserve to know what does the president propose we do for the over 357 days of the year. sdmrsz -- >> president omaba insists his plan on the table is fair and includes plenty of cuts to government spending. >> we just afford a wound to our economy. >> if sunday's negotiations don't pan out the president says he's red to -- he's ready to propose his own scaled back bi
. >>> this morning they are still trying to form a last minute compromise to avoid the fiscal cliff. >> the deal they're considering only kicks the cans down the road again. >> senate republican leader mitch mcconnel left the capitol tight lipped by smiling after working behind doors to avoid the so-called fiscal cliff. he and harry reid are working on a scale down agreement that focuses on avoiding a middle class tax hike. the plan is to present it to the senate for a vote...
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Jan 1, 2013
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senate has reached a deal in the fiscal cliff negotiations. cnn is reporting. >> reporter: lawmakers postautomatic spending cuts. but they did strike a deal on taxes. >> three hours before the midnight dead line senate minority leader mitch mcconnel and joe biden emerge with taxing and spending. >> this is a mini cliff, big cliff still lies in front of us. big cliff. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. far above the $250,000 on which president obama campaigned. those making more will see higher income taxes, capital gains and dividends rates. san francisco tax attorney rob wood says you will notice on the paycheck one popular tax cut will be history. >> say the average person earning $1,500 a year will
senate has reached a deal in the fiscal cliff negotiations. cnn is reporting. >> reporter: lawmakers postautomatic spending cuts. but they did strike a deal on taxes. >> three hours before the midnight dead line senate minority leader mitch mcconnel and joe biden emerge with taxing and spending. >> this is a mini cliff, big cliff still lies in front of us. big cliff. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on...
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Jan 1, 2013
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. >> the senate passes a bill to ease the pain of the "fiscal cliff." the one final hurtle to cross in the next couple of hours. >> reporter: tens of thousands lined up on the embarcadero to take in the new year's eve fireworks but police say some celebrations turned violent. we'll have the details in a live report. >>> and a ritzy new york couple busted with weapons and a bomb stash. but that's not all. the book that has police so concerned. keep it right here. we'll be back. ,,,, p [ female announcer ] pillsbury crescents on their own are fantastic but add some sauce, pepperoni and cheese and fold up the crescent dough...and presto! tuesday night just became crescent pizza pocket-tastic pillsbury crescents. let the making begin here's a better idea. pillsbury grands! flaky layers biscuits in just 15 minutes the light delicate layers add a layer of warmth to your next dinner. pillsbury grands biscuits dance class, shopping, and more. so do something nice for it. chevron with techron. care for your car. i'm grace lee michelle has the >>> america rings i
. >> the senate passes a bill to ease the pain of the "fiscal cliff." the one final hurtle to cross in the next couple of hours. >> reporter: tens of thousands lined up on the embarcadero to take in the new year's eve fireworks but police say some celebrations turned violent. we'll have the details in a live report. >>> and a ritzy new york couple busted with weapons and a bomb stash. but that's not all. the book that has police so concerned. keep it right here....
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Dec 26, 2012
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senate majority leader harry reid is believed to be crafting his own fiscal package including extending the bush- era tax cuts for households making less than $250,000. now, regardless of what happens with the "fiscal cliff," new taxes to help pay for the affordable healthcare act will take effect january 1. but the average american will not really see a difference in his bill to the irs. the wealthiest 2% of americans and the healthcare industry will pick up the majority of the tab. back to you. >> thank you. >>> now, ladies and gentlemen, time for the big story of the day. that is as per usual the weather and now the hardest working woman in showbiz. >> i have been working a lot lately. i know. yeah. the holidays, busy time. and if you are out and about traveling you know the rain has been a big issu the last few days. we'll get some brief dry breaks but we have heavier cells moving through. look over san francisco. everywhere you see that orange and yellow that's the heavier rain moving through actually through hayward right now if you are traveling the nimitz anytime in the near fut
senate majority leader harry reid is believed to be crafting his own fiscal package including extending the bush- era tax cuts for households making less than $250,000. now, regardless of what happens with the "fiscal cliff," new taxes to help pay for the affordable healthcare act will take effect january 1. but the average american will not really see a difference in his bill to the irs. the wealthiest 2% of americans and the healthcare industry will pick up the majority of the tab....
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Jan 1, 2013
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house speaker john boehner is promising a quick vote on the "fiscal cliff" bill passed early this morning in the senate or an amended alternative. boehner has not endorsed the agreement which may face opposition from conservative lawmakers in the house. vice president joe biden negotiated the deal with senate republicans over the weekend. the agreement makes bush-era tax cuts permanent for individuals making under $400,000 a year and families making under $450,000. it also postpones harsh across- the-board spending cuts for a few months. >> this shouldn't be the model for how we do things around here, but i think we can say we've done some good for the country. >> middle class families will wake up today to the assurance that their taxes won't go up $2,200 each. >> reporter: president obama praised the senate agreement and urged the house to act without delay. capitol hill is quiet right now after an unprecedented late night. normally these halls would stay empty on new year's day but both the house and senate are in session with billions of dollars in spending cuts and tax increases on t
house speaker john boehner is promising a quick vote on the "fiscal cliff" bill passed early this morning in the senate or an amended alternative. boehner has not endorsed the agreement which may face opposition from conservative lawmakers in the house. vice president joe biden negotiated the deal with senate republicans over the weekend. the agreement makes bush-era tax cuts permanent for individuals making under $400,000 a year and families making under $450,000. it also postpones...
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Dec 25, 2012
12/12
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cliff. avoid the fiscal cliff, billions in tax hikes and spending cuts will kick in. that uncertainty sparked another day of selling on wall street christmas eve. the dow dropped almost 52 points. >>> one of the most popular gifts under the christmas tree? gift cards. the national retail federation survey found 81% of shoppers bought gift cards this year spending an average of $150 each. >>> despite an increase in gift cards sales retailers anticipate holiday sales will be disappointing. while spending is expected to be up over last year, it is expected to be less than businesses were hoping for. >>> smart phones are a popular gift this year. next year smart cameras could be a big hit. they are already a couple on the market. nikon's new camera has wi-fi gps and many of the apps you'll find on an android smart phone. samsung's galaxy cam can also go an line allowing you to take pictures and immediately share them on social media. other companies are working on similar devices for next year.
cliff. avoid the fiscal cliff, billions in tax hikes and spending cuts will kick in. that uncertainty sparked another day of selling on wall street christmas eve. the dow dropped almost 52 points. >>> one of the most popular gifts under the christmas tree? gift cards. the national retail federation survey found 81% of shoppers bought gift cards this year spending an average of $150 each. >>> despite an increase in gift cards sales retailers anticipate holiday sales will be...
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Jan 1, 2013
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the house is scheduled to reconvene tomorrow at noon so we are definitely going over the "fiscal cliff." however, we have a little bit of a grace period. the markets are closed tomorrow for the holiday. and those spending cuts are scheduled for january 2. but still, not a lot of time to mitigate all the effects of the "fiscal cliff." i'm grace lee, cbs 5. >>> amazingly the stock market didn't step off a cliff. in fact, the dow ended higher today. supposedly based on hope that a deal would be reached. it closed out 2012 with a 7% gain. nasdaq and s&p 500 also ended higher. >>> new details tonight in the murder of a teenaged girl in oakland over the weekend. she has been identified by oakland police as 15-year-old jubrill jordan. she was killed and a 14-year- old boy wounded near 66 and lion yesterday as they walked to a nearby bart station. witnesses say the shooter was also a teenager possibly as young as 13. >> my grand kid come to my house every, single day, kid they like to go to places, to friends' house, they take off though their little friends house and these fools out here kill
the house is scheduled to reconvene tomorrow at noon so we are definitely going over the "fiscal cliff." however, we have a little bit of a grace period. the markets are closed tomorrow for the holiday. and those spending cuts are scheduled for january 2. but still, not a lot of time to mitigate all the effects of the "fiscal cliff." i'm grace lee, cbs 5. >>> amazingly the stock market didn't step off a cliff. in fact, the dow ended higher today. supposedly based on...
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Dec 28, 2012
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to avert the "fiscal cliff." >> republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> reporter: house members will return to capitol hill on sunday and could begin voting that night. they would have about 24 hours to approve a deal. adding to the urgency, treasury secretary timothy geithner warned congress that the nation's debt limit will be reached by december 31st and extraordinary measures would have to be taken to avoid default on the government's loans. danielle nottingham, cbs 5, washington. >>> just hours ago hawaii's lieutenant governor became the country's newest senator. >> congratulations. >> thank you. >> 40-year-old brian schatz takes the place of long-time senator daniel inouye. inouye died just last week. schatz traveled from hawaii to washington aboard air force one with president obama last night. >>> former president george h.w. bush remains in intensive care tonight. a family spokesman says the 88- year-old is alert, in guarded condition and doing better since a cough
to avert the "fiscal cliff." >> republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> reporter: house members will return to capitol hill on sunday and could begin voting that night. they would have about 24 hours to approve a deal. adding to the urgency, treasury secretary timothy geithner warned congress that the nation's debt limit will be reached by december 31st and...
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Dec 29, 2012
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. >> last-minute talks on the "fiscal cliff." tonight, we're going into the long holiday weekend still no deal. but there is a bit of confidence that the senate will reach a last-minute agreement. with three days to go there were talks today, then the president addressed the nation. thigh presidentgrace lee reports. >> reporter: the plan b would be this. if there is no deal, then the president says he still expects the senate to take action. he says at the very at least he expects to keep unemployment benefits to the jobless and to maintain the bush-era middle class tax cuts but at this point can we avoid the "fiscal cliff"? it is still possible but experts say with every passing hour it becomes more difficult. >> well, we're now at the last minute. the american people are not going to have any patience for a politically self-inflicted wound to our economy. not right now. >> reporter: congressional leaders left the white house after trying to negotiate an 11th hour deal to avoid the "fiscal cliff" of tax hikes and spending cuts t
. >> last-minute talks on the "fiscal cliff." tonight, we're going into the long holiday weekend still no deal. but there is a bit of confidence that the senate will reach a last-minute agreement. with three days to go there were talks today, then the president addressed the nation. thigh presidentgrace lee reports. >> reporter: the plan b would be this. if there is no deal, then the president says he still expects the senate to take action. he says at the very at least he...
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Dec 24, 2012
12/12
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lawmakers try to strike a deal to avoid the fiscal cliff. congress and the president on holiday break. some senators are expressing concern that a deal won't be met. if that happens households between 50 and 75,000 will see their taxes increase nearly $2400. households between half a million and a million would see an increase of $39,000. >>> as americans hit the road for holiday travel they'll be paying less at the gas pump. according to aaa, the national average is about $3.25 for a gallon of regular. that's down from a month ago >>> one item has made a big impact this holiday season. shoes are a top seller. the npd says the shoes are the most popular gift this season. experts say the trend makes sense because americans tend to give more practical gifts during economic downturns. send it back to you. >> erica ferrari. >> all right, erica. thanks. >> last check. >> santa is over the great wall of that. >> that's good timing. >> a billion and 100 million gifts already delivered. >> a billion -- i hope that's oneless for me. >> have you been
lawmakers try to strike a deal to avoid the fiscal cliff. congress and the president on holiday break. some senators are expressing concern that a deal won't be met. if that happens households between 50 and 75,000 will see their taxes increase nearly $2400. households between half a million and a million would see an increase of $39,000. >>> as americans hit the road for holiday travel they'll be paying less at the gas pump. according to aaa, the national average is about $3.25 for a...
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Dec 27, 2012
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cliff." so far, nobody knows if any significant strides towards a compromise have been made. no negotiations have been scheduled. lawmakers now have less than a week to figure out a deal. the senate is due in session tomorrow. the house has no plans to convene. >>> a weak holiday shopping report to blame for today's wall street losses. all three indices down. >>> also not so great, retail sales. mastercard says americans ended up spending just 0.7% more on holiday gifts this year than last. the worst numbers since 2008, all this is a surprise since analysts were expecting up to 4% increase in sales. cbs 5 reporter mike sugerman found the after-christmas sales aren't so hot either, at least at union square. >> reporter: the sales are good. people just aren't buying. i was at union square earlier. the place was empty. not like sagebrushes were going down the street. i went away for a couple of hours, the place is packed now. so the retailers got to hope these people are buying stuff because the
cliff." so far, nobody knows if any significant strides towards a compromise have been made. no negotiations have been scheduled. lawmakers now have less than a week to figure out a deal. the senate is due in session tomorrow. the house has no plans to convene. >>> a weak holiday shopping report to blame for today's wall street losses. all three indices down. >>> also not so great, retail sales. mastercard says americans ended up spending just 0.7% more on holiday gifts...
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Dec 26, 2012
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. >>> president obama is cutting his hawaiian vacation short to get back to fiscal cliff talks in washington. the country is a week away from tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid. >>> it's a scary statistic for recent college graduates. the number of young californians with degrees working in restaurants or retail has nearly doubled over the last five years. grace lee tells us these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau there are about 260,000 young adults with college degrees in california taking work in food service and retail because they can't get anything else. >> pretty sad now. >> reporter: roary graduated with a computer science degree. >> i graduated with my bachelors in 2009 and my first job was at a retail store. at first it was kind of embarrassing. >> i could
. >>> president obama is cutting his hawaiian vacation short to get back to fiscal cliff talks in washington. the country is a week away from tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid. >>> it's a scary statistic for recent college graduates. the number of young californians with degrees working in restaurants or retail has nearly doubled over the last five years. grace...
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Dec 25, 2012
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the talks between the president and the house have broken down on this fiscal cliff there are to try and avoid the deadline that's coming up. on thursday when the senate comes back into session most of the house of representatives will also be back and the president is going to work if hawaii to try and get -- from hawaii to try and get everybody to work together but at this point it seems like the deadline is just looming. >> we've been talking about this for a good month plus now. is it too late? they have so little time. can they get something together and actually save this before -- before new year's? >> reporter: well, frank as you've seen, in washington the 11th hour deal comes out all the time. in past years senator mitch mcconnell stepped in and been able to negotiate a compromise. this time through twitter he's telling folks that he is not going to step in. he says that the president needs the lead. now our sources saying that senate majority leader harry reid is working on his own plan. it's a smaller package that he's working on. that package would avoid middle class tax
the talks between the president and the house have broken down on this fiscal cliff there are to try and avoid the deadline that's coming up. on thursday when the senate comes back into session most of the house of representatives will also be back and the president is going to work if hawaii to try and get -- from hawaii to try and get everybody to work together but at this point it seems like the deadline is just looming. >> we've been talking about this for a good month plus now. is it...
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Dec 30, 2012
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the nation from going off the fiscal cliff. the deal they're considering only kicks the can down the road again. >> reporter: mitch mcconnell left the capitol tight-lipped but smiling. harry reid and he are working on a scaled down agreement that focuses on avoiding a middle class tax hike. the plan is to send it to the senate for a vote sunday and then to the house. john boehner had no comment. both sides remain at odds over the democrats' instance that the wealthy pay more in taxes. >> chris: it would only fund the government for 8 days. what does the president propose we do for the other 357 days? >> reporter: president obama insists his plan on the tablt is fair and it include -- table is fair and includes plenty. cuts to spending. >> we can't afford a politically self-conflicted wound to our economy. >> reporter: if the negotiations don't pan out, the president is ready to propose his own scaled back bill that would block tax increases for all but the wealthy and preserve expiring unemployment benefits. with the deficit ti
the nation from going off the fiscal cliff. the deal they're considering only kicks the can down the road again. >> reporter: mitch mcconnell left the capitol tight-lipped but smiling. harry reid and he are working on a scaled down agreement that focuses on avoiding a middle class tax hike. the plan is to send it to the senate for a vote sunday and then to the house. john boehner had no comment. both sides remain at odds over the democrats' instance that the wealthy pay more in taxes....
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Dec 26, 2012
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. >>> we're less than a week away from the "fiscal cliff" and it turns out not every lawmaker left for the holiday. senate majority leader harry reid had worked on christmas at the capital on a scaled-down plan to avoid tax hikes for all but the wealthiest americans. his plan would also include short term spending cuts instead of long term deals that had been sought. >>> president obama will cut his hawaiian vacation short today and return to washington to take part in "fiscal cliff" negotiations. >>> holiday sales grew at a weak pace this year. the weakest in four years. mastercard advisors spending pulse reports that sales in the two months before christmas increased .7% over last year. a lot of analysts expected sales to be up 3 or 4%. but wait, there is more. when i worked in retail when i was in college, christmas was busy enough. but the day after christmas? it was unbelievable! cbs 5 reporter cate caugiran is in san leandro where after- christmas shopping has already started. >> reporter: yes, brian. it started at 5:00 this morning at the bay fair center in san leandro. accordin
. >>> we're less than a week away from the "fiscal cliff" and it turns out not every lawmaker left for the holiday. senate majority leader harry reid had worked on christmas at the capital on a scaled-down plan to avoid tax hikes for all but the wealthiest americans. his plan would also include short term spending cuts instead of long term deals that had been sought. >>> president obama will cut his hawaiian vacation short today and return to washington to take part...
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working behind closed doors to avoid the so- called fiscal cliff. >> need progress today, sir? >> reporter: he and harry reid are working on scaled-down agreement that focuses on avoiding a middle-class tax hike. the plan is to present it to the full senate for a vote on sunday and send it to the house and hoax john boehner was at the capitol and left with no comment. both sides remain at odds over the democrat's insistence that the wealthy pay more in taxes. >> the president's tax hook would only fund the government for eight days. americans deserve to know what is the president -- what does the president propose we do for the other 357 days of the year. >> reporter: president obama insists his plan on the table is fair and includes plenty of cuts to government spending. >> we just can't afford a politically self-inflicted wound to our economy. >> reporter: if sunday's negotiations don't pan out, the president said he's ready to propose his own scaled-back bill that would block tax increases for all but the wealthy. and preserve expiring unemployment benefits. with the deficit
working behind closed doors to avoid the so- called fiscal cliff. >> need progress today, sir? >> reporter: he and harry reid are working on scaled-down agreement that focuses on avoiding a middle-class tax hike. the plan is to present it to the full senate for a vote on sunday and send it to the house and hoax john boehner was at the capitol and left with no comment. both sides remain at odds over the democrat's insistence that the wealthy pay more in taxes. >> the...
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Dec 31, 2012
12/12
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KPIX
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. >> senate will come to order. >> reporter: as lawmakers work on avoiding the so-called "fiscal cliff." talks briefly hit a, quote, major setback on sunday over social security benefits according to a democratic source. but both sides agree to push forward. >> i want everyone to know i'm willing to get this done, but i need a dance partner. >> reporter: vice president joe biden is apparently that person for senate minority leader mitch mcconnell. top level sources say the two are taking over talks. if nothing is resolved by midnight tonight, tax rakes for all americans will increase. democrats say it means about $2,000 for the average middle class family. >> one mom said to me in michigan, that's four months groceries. that's commuting back and forth to work in gas for up to three years. i mean, that's a lot of money. >> reporter: democrats want higher taxes on families earning $250,000 a year and over. republicans want tax rates to stay where they are. taxes seem to be the biggest obstacle to a compromise but others want to see government spending put in check. >> the president is do
. >> senate will come to order. >> reporter: as lawmakers work on avoiding the so-called "fiscal cliff." talks briefly hit a, quote, major setback on sunday over social security benefits according to a democratic source. but both sides agree to push forward. >> i want everyone to know i'm willing to get this done, but i need a dance partner. >> reporter: vice president joe biden is apparently that person for senate minority leader mitch mcconnell. top level...
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179
Dec 31, 2012
12/12
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. >> the senate will come to order. >> reporter: as lawmakers work on a voiding the so-called "fiscal cliff." talks briefly hit a, quote, major setback on sunday over social security benefits according to a democratic source. but both sides agree to push forward. >> i want everyone to know i'm willing to get this done. but i need a dance partner. >> reporter: vice president joe biden is apparently that person for senate minority leader mitch much. top level sources say the two are taking over talks. if nothing is resolved by midnight tax rates for all americans will increase. democrats say it means about $2,000 for the average middle class family. >> one mom said to me in michigan, that's four months groceries. that's commuting back and forth to work in gas for up to three years. that's a lot of money. >> reporter: democrats want higher taxes on families earning $250,000 a year and over. republicans want tax rates to stay where they are. taxes seem to be the biggest obstacle to a compromise. but others want to see government spending put in check. >> the president is doing nothing abo
. >> the senate will come to order. >> reporter: as lawmakers work on a voiding the so-called "fiscal cliff." talks briefly hit a, quote, major setback on sunday over social security benefits according to a democratic source. but both sides agree to push forward. >> i want everyone to know i'm willing to get this done. but i need a dance partner. >> reporter: vice president joe biden is apparently that person for senate minority leader mitch much. top level...
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Dec 26, 2012
12/12
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. >>> president obama is cutting his hawaiian vacation short to get back to fiscal cliff talks in washington. the country is a week away from the tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid who is crafting a package on his own. it would extend the bush era tax cuts for households making less than $250,000 a year including the short-term spending cuts. >>> and it is a scary statistic for the recent college graduates. the number of young californians with the degrees working in restaurants or the retail, they have nearly doubled over the last five years. cbs 5 reporter tells us that these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season, or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau, there are about 260,000 young adults with college degrees in california, taking work and food service in retail because they can't get anything else. >> it
. >>> president obama is cutting his hawaiian vacation short to get back to fiscal cliff talks in washington. the country is a week away from the tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid who is crafting a package on his own. it would extend the bush era tax cuts for households making less than $250,000 a year including the short-term spending cuts. >>> and it is a...